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May '18

Do you insure people with diabetes?

We come across this question extremely often and in this article, we will try to give an insight into the way we assess this type of cases.   The main answer we have is that we do not adjust our regular premiums for new clients in order to include cover for pre-existing medical conditions. When a client discloses some medical conditions on the Full Medical Underwriting Application Form, our underwriters will assess the information and make a decision. [...]


Apr '18


Since 2008, has launched a first-class crisis on the Cypriot economy and society with the bankruptcy of a Cypriot bank Laiki in March 2013. This was the priming for the deterioration of the country's living standards with chain influences such as rising unemployment and deduction of the national income of the country as a result the corrosion of the social structure. The European Union and the International Monetary Fund, looking at the unprecedented expansion of the Cyprus banking system, the heavy fiscal deficit and the increase in the country's public debt, decided that the public sector and the banking system should be upgraded. [...]


Apr '18

An investment of billions from a Cypriot businessman to the Zimbabwe

The Pitsas Insurances team is particularly proud of the new international business venture of our great friend and client, Mr. Loucas Pourouli. The Cypriot company Karo Resources, managed by the Pourouli family, is going to invest $4.2 billion for the development of an ambitious platinum extraction investment in the post-Mugabe era of Zimbabwe. The investment that transforms Zimbabwe Since assuming his duties, the new Zimbabwe president has committed to promote institutional reform in order to attract the interest of foreign investors. [...]


Apr '18

Limitations for expatriates insurance

In Pitsas Insurances our commitment is to be able provide medical insurance services to locals and expatriates in Cyprus. Nevertheless, as many customers have noticed our international medical insurance plans have some limitations regarding the expatriates with permanent residence outside Cyprus. This has to do with the insurance regulations in the countries of the expatriates. Firstly, there are certain countries with insurance regulations which require all residents to have medical insurance, but where there are very specific features the medical insurance must have. [...]


Apr '18

Limitations of Area of Cover

Our clients can purchase our plans with a geographical Area of Cover which is not fully ‘Worldwide’, e.g. ‘Europe’ or ‘Worldwide excluding USA’. Those clients have chosen to restrict their core medical benefits to a specified Area. However, they enjoy a special ‘bonus’ benefit which is ‘Out of Area’ cover. This will cover them for emergency in-patient medical treatment during any trips outside their chosen Area (for example to the USA), up to a maximum annual value of €60,000 and for up to 42 nights per year. [...]


Apr '18

Why we choose ALC Health?

Many of our clients ask about the insurance industry rankings and why we chose to cooperate with specific international medical insurance providers, such as ALC Health. Unfortunately, there are not any official published statistics from any of the international medical insurers, for this reason the task of our team and its advisers was extremely difficult. Nevertheless, we are keen to provide a short insight about our choices. The reason why we chose to cooperate with ALC Health are: [...]


Mar '18

Enter the Chinese Market

Take part in the first International Trade Exhibition of China which will be held from 5 until 10 of November 2018 in Shanghai and promote effectively your company’s services and products in the most dynamic economy of the world. It is expected the participation of more than 150,000 businessmen from all over China.   In order to open the Chinese market to the world actively, Chinese President Xi Jinping announced that China will hold the first International import Expo of China (CIIE) starting from 2018. [...]


Mar '18

Is 2018 the year of the next global financial crisis?

For Bill Gates, founder of Microsoft, the next financial crisis is just inevitable. During an interview on February 2018 hosted by the on-line social platform Reddit, Mr. Gates claimed that a global financial crisis similar to that triggered by the bankruptcy of Lehman Brother in September 2007 should be expected in the following two years. But which are the reasons behind Mr. Gates pessimism? The Dow Jones Industrial average, the main stock index of the USA stock market, has increased by more than 65% in the last five years (2018), indicating a strong investor’s trust in the economic prospects of the global economy. [...]


Nov '17


  Pitsas Insurances is one of the most experience providers of house insurance in Cyprus. We tirelessly analyze the insurance products, provided by the most prestigious international insurance companies, and we hand-pick the contracts with the best terms. Our comprehensive insurance policy beyond the standard covers is extended to cover: Theft and attempted theft (Our policy covers theft not accompanied by actual forcible and violent breaking into or out of a Building or any attempt thereat). [...]


Oct '17

Benefits of our Group Insurance Policies

In Pitsas Insurances we offer an excellent range of options for corporate groups. For small groups especially, we offer discounted prices, flexibility about their choice of benefits, and preferential underwriting terms. We are often asked ‘what is your minimum size for an employee group?’.  We can actually set up a group scheme with just a single employee.  Why would this be of interest to a company? Firstly, the premium will be at a small discount to the price which would be paid by an individual (non-group) applicant. [...]


Sep '17

Paphos Real Estate Market 2017

Paphos, a coastal city rich in history in culture located in the western part of Cyprus, is the capital of Paphos District. The area of the district is 1,393 km², which constitutes 15.1% of the total area of the island. According to the 2011 Census, it has a population of 90,295, out of which approximately 36% are overseas nationals compared to the average 24% for Cyprus. The local economy is mainly based on agriculture and tourism, with the district receiving about a third of tourist arrivals and having the highest number of four and five-star hotels on the island. [...]


Aug '17

Directors & Officers Insurance

Surge of Lawsuits According to the advisory company Towers Watson & Co during the decade 2001 – 2011 in USA the 69% of the public traded companies and the 21% of the private companies have faced a shareholder’s case suit. In Cyprus, the financial crisis of 2013 created inevitably favorable conditions for the upsurge of lawsuits. Pointedly, the most renowned of these conditions are: The commitment for social justice instigates government prosecutors to the intensification of investigations for the disclosure of scandals and wrongful acts. [...]


Jul '17

Cyber Attack Coverage

As Robert Mueller (FBI Director 2012) put it: “There are only two types of companies: those that have been hacked and those that will be”. Virtually every business relies on data and computer systems. When these systems experience a virus or other computer attack (cyberattack), a business is at real risk of losing critical information that is essential to daily operations and potentially exposing itself to third party liability. Since data can be sold at extremely high prices in the black market, hackers have strong motivation to hunt after these data. [...]


Jun '17

10 Reasons to insure Your Life

We all try hard to materialise our dreams, accomplish our aims, create a safe environment for those we love and achieve a high standard of living. The path to the future and economic success is full with challenges,opportunities and dangers. Life insurance is the optimum solution for the protection of your family Life insurance is the most important insurance program as it ensures a sufficient monetary capital to the legitimate heirs in the case of a loss of life. [...]


Jun '17

Car Accidents in Cyprus

According to the World Health Organization, more than 1.2 million people around the world die because of road accidents. This makes them a leading cause of preventable death globally, especially among young people. In the European Union alone, more than 26,000 people died on the roads in 2015, while Cyprus in particular topped the charts for the biggest increase in the number of fatal accidents that year. While the European Commission has adopted an ambitious Road Safety Programme that aims to drastically cut the number of road deaths by 2020, are those measures enough? [...]


Jun '17

Why medical insurance is essential?

Nobody really plans on getting sick or hurt; people tend to forget there is a possibility of things like that happening until they actually happen. Unfortunately, getting quality healthcare can be very costly, which means it could become a massive financial burden for both the patient and his/her family. This is why medical insurance is absolutely essential if you want to be at ease about any possible issue that should arise. [...]


Jun '17

What you should do in case of a car accident

Firstly, help any injured and subsequently help the police authorities in their efforts to collect data regarding the scene of the accident. Write down names and phone numbers of any witnesses and the registration numbers of any cars leaving the scene of the accident, even if they were not immediately involved. Remain Calm Think rationally, remain calm and avoid involvement in any kind of dispute. Remember that vituperation (verbal abuse) is a pecuniary offence. [...]


Jun '17

Renew your road tax

ROAD TAX (CIRCULATION LICENSE) CYPRUS Road Tax is due in January or June each year and is charged based on the vehicle’s engine size, unladen weight and whether it uses petrol or diesel. How to renew your Road Tax (Circulation License). The most effective and quickest way to renew your Road Tax is online. Below we provide the link to the website you can do this, the, where you will be required to log on or register with your e-mail and a password. [...]

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